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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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The Federal Government Announces That Lending is Getting Tighter

Vancouver Condo Real Estate Video Blog #506 - February 24, 2010

The Federal Government Announces That Lending is Getting Tighter

Ian Watt video blogs about how the Canadian Government has announced that as of April 2010 lending for mortgage financing and refinancing will become a lot tougher. "There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," Minister Flaherty said in a press release. Click here (http://www.fin.gc.ca/n10/10-011-eng.asp)  to read the government’s announcement. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt: Hi Good Afternoon, its Ian Watt in Downtown Vancouver. Last week the Canadian government announced that it's going to become more difficult to borrow money. The federal government announced from April onwards is going to be a lot more difficult for people to get financing and re-financing. Obviously what happened in United States they don't want it to happen here and they I guess they're believing that Canadians might be approaching that line where they might get over extended if the mortgage rates  or the interest rates increase. I think it's a fantastic step, it's gonna tighten up the market a little bit and it's going to make more qualified people out there purchasing condos in Downtown Vancouver and all those people out on the border line are going to be a little bit left behind. My name is Ian Watt and if you have any questions. Obviously contact your mortgage broker about this. I'll put a link to the federal governments release as well but I'm not a mortgage broker but if you do have any questions. You could always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!